PANews reported on October 28 that Ark Invest CEO Cathie Wood was asked in an interview with Bloomberg whether she was still confident that Bitcoin would reach its $1 million target. Cathie Wood said: "Yes, the greater the uncertainty and volatility in the global economy, the stronger our confidence in Bitcoin. One of the reasons is that we have just experienced an inflation panic, which we believe is mainly caused by supply chain problems, and Bitcoin is a hedge against inflation."